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Exclusive: US #SEC plans to cut regional directors as agency prepares for #DOGE scrutiny
The US #Securities & #Exchange Commission plans to remove the top leaders at regional offices across the country as part of its cost-cutting recommendations to the #Trump admin, acc/to 2 sources familiar w/the matter.
The SEC on Fri told directors across its 10 regional offices that their roles will be eliminated….
#FederalAgencies #GovernmentWorkers #Musk #law #StockMarket #fraud
https://www.reuters.com/world/us/us-securities-regulator-plans-cut-regional-directors-due-trump-administration-2025-02-24/
The plan is the latest in a series of changes at the top US #markets regulator since #Republicans took the helm at the commission & is part of a broader effort by Republican President Donald #Trump, alongside *special* adviser & #billionaire #ElonMusk, to #purge the federal workforce.
The people spoke on condition of anonymity as the discussions are not public. A spox for the #SEC declined to comment.
The #SEC, which oversees the >$100 trillion US #capital #markets, is under pressure from #Trump to fire staff & slash costs. Agency leaders have been told to submit recommendations for steep cuts to the admin. Some of the government's cost-cutting efforts have involved the new Department of Govt Efficiency, or #DOGE, & #Musk.
The SEC is embroiled in litigation against Musk for allegedly violating #securities #regulations.
Many of the #SEC's staff are based in its headquarters in Washington, but the agency also has officials in offices from San Francisco to Miami who deal with examinations & investigations into public companies, brokers & investment advisers in their jurisdictions. They often lead agency investigations & lawsuits in high-profile matters.
…#Republicans at the #SEC have begun shifting the agency's focus. The SEC has scaled back & refocused its #crypto enforcement unit, reassigned certain staff & tightened oversight of investigations.
Regarding changes to the agency's crypto unit, Acting Chair Mark Uyeda previously said…the new unit would complement the SEC's efforts to create new #policy for the sector & "allow the SEC to deploy enforcement resources judiciously."
If you don't speak trumpublican, "allow the SEC to deploy enforcement resources judiciously," means, "Laws? We don't need no stinking laws!"
@Nonilex How soon until we have a boiler room at the SEC selling crypto and penny stocks?